Dear investors,

Please find our attached newsletter for December '23 and a summary of the year's events and market returns.

As we move into the new year, all eyes will be on the Federal Reserve and when they will decide to begin cutting interest rates. There will continue to be a focus on inflation, consumer spending, employment and other economic factors.

The consumer is responsible for 70% of spending in the economy. Thus far, consumer spending has remained strong.

Will conflicts throughout the world present a shock to supply chains, oil or commodities?

Artificial Intelligence has garnered investors attention. Will companies figure out how to monetize it? Will the stocks which shot straight up in '23 fall in the same way in '24?

Stay tuned for month by month commentary. Please reach out with any comments or questions.